Renovated Three-Unit Residential
38 Chester Avenue Westerly, RI 02891
For Sale
$650,000
Pending
MULTI_FAMILY - Westerly, RI
Property Size2,017 SF
Lot Size0.39 Acres
Days on Market19
Property Features for 38 Chester Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
5
Bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bedroom 5, Basement, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 2, Bathroom 1
Parking
5
Parking features
None
Window features
Insulated Windows
Interior features
Wall (Plaster), Stairs, Plumbing (Copper), Plumbing (Mixed), Plumbing (PVC), Insulation (Unknown)
Basement
Full, Unfinished, Storage Space
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Standard status
Pending
Size
2,017 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3366
Utilities
Heating system
Steam, Natural Gas
Building Details
Year built
1888
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Tile - Ceramic
Building materials
Plaster, Vinyl Siding
Listing Agency:
Residential Properties, Ltd.
(401) 535-9955
Listed By:
Amy Randall
(845) 548-6721
Added: Jul 9
Changed: Jul 24
Last Checked: Jul 27 at 6:06PM
MLS# 1417422
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated three-unit residential income property includes a 1st-floor two-bedroom, one-bath unit, a 2nd-floor two-bedroom, one-bath unit, and a 3rd-floor one-bedroom, one-bath unit. The exterior features vinyl siding, and the building is set up with separate utilities to support independent tenant usage.
Located in Westerly, the property sits on a 0.39-acre lot and offers plenty of off-site parking. Zoning is listed as R6.
The offering is being presented as a low-maintenance investment, supported by the recent renovations and the separate utilities across units.
Located in Westerly, the property sits on a 0.39-acre lot and offers plenty of off-site parking. Zoning is listed as R6.
The offering is being presented as a low-maintenance investment, supported by the recent renovations and the separate utilities across units.
Key Highlights
- Multi‑family property with a strong rental history, recently renovated
- Unit mix: 1st floor 2BR/1BA, 2nd floor 2BR/1BA, and 3rd floor 1BR/1BA
- Separate utilities for the units
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.3k | $18.00 |
| − Vacancy | −$1.6k | −$0.77 |
| EGI | $34.8k | $17.23 |
| − OpEx | −$10.4k | −$5.17 |
| NOI | $24.3k | $12.06 |
2,017 SF · lease $18.00/SF/yr · vacancy 4.27% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$347.6K
$304.1K – $405.5K
NOI $24,329 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$303.3K
$265.4K – $353.9K
NOI $21,231 @ 7.0% cap · market cap 3.27%
Theoretical Best
Healthcare Medical
$403.0K
$352.6K – $470.2K
NOI $28,210 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Renovated three-unit property with separate utilities and off-site parking, featuring two-bedroom units and a one-bedroom unit.
Where is this triplex located?
The property is located at 38 Chester Avenue Westerly, RI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Multi‑family property with a strong rental history, recently renovated; Unit mix: 1st floor 2BR/1BA, 2nd floor 2BR/1BA, and 3rd floor 1BR/1BA; Separate utilities for the units
